Fitch Upgrades RBTT Financial Holdings IDR to 'BBB-'; Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch has upgraded the Long-term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) of RBTT RBTT Royal Bank of Trinidad & Tobago Financial Holdings Limited (RBTT) to 'BBB-' from 'BB+', upgraded the Short-Term Issuer rating to 'F3' from 'B', upgraded the Individual rating to 'C' from 'C/D', and affirmed the Support rating at '5'. Ratings of RBTT Bank Limited have been affirmed. A complete list of ratings follows this release. The Rating Outlook is Stable. The upgrade of RBTT reflects its solid financial performance, improved asset quality and sound capital position. Furthermore, RBTT benefits from a large proportion of group earnings from the comparatively strong Trinidad and Tobago Trinidad and Tobago (trĭn`ĭdăd, təbā`gō), officially Republic of Trinidad and Tobago, republic (2005 est. pop. 1,088,000), 1,980 sq mi (5,129 sq km), West Indies. The capital is Port of Spain. market, a moderate level of holding company debt, improved holding company liquidity, sound group risk management, and strong capacity to upstream dividends from major operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . The Long-Term IDR ratings differential between RBTT and RBTT Bank continues to stem from the far lower probability of government support in the event of need for the holding company and the additional risk from regional operations at the holding company level. RBTT Bank is viewed as an important part of the financial system in Trinidad and Tobago. Consequently, Fitch believes there is a high probability of government support in a crisis scenario. Fitch has upgraded the following ratings: RBTT Financial Holdings Limited --Long-Term IDR to 'BBB-' from 'BB+'; --Short-Term Issuer Rating to 'F3' from 'B'; --Individual Rating to 'C' from 'C/D'. Fitch has affirmed the following ratings: RBTT Bank Limited --Long-Term IDR at 'BBB'; --Short-Term Issuer Rating at 'F3'; --Individual Rating at 'C'; --Support Rating at '2'. RBTT Financial Holdings Limited --Support Rating at '5'. The Rating Outlook is Stable. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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